A development team at Penn Mutual planning their work for the day.

With innovative solutions for financial professionals in service to their clients, and an unwavering commitment to mutuality, the story of our strength continues. Learn more about who we are, how we got here, and where we&rsquo;re headed next.

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A leader in life

A female financial professional sitting with a young couple, reviewing importing documents.

High ratings from&nbsp;<a class="link" href="https://www.pennmutual.com/about-us/financial-strength/ratings" alt=""><abbr title="Alfred M. Moody, founder&#39;s initials">A.M. Best</abbr>, Moody&#39;s Investor Services, Standard &amp; Poor&#39;s and Kroll Bond Rating Agency</a>. A thoughtful and rigorous investment decision-making process and prudent investment strategy.

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Financial strength and stability

College rugby players engaged in their sport, while a crowd cheers them on in the distance.

Our connection to rugby runs deep. We are proud to celebrate the shared values of integrity, respect, service to others, and the power of teamwork with the rugby community.

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Sponsors of collegiate rugby

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Eileen McDonnell, chairman and CEO of Penn Mutual, is featured in a CNN Business article on juggling the responsibilities of single parenting and being the CEO of a Fortune 1000 company. &nbsp;

She Decided to Become a Single Mom. Then She Became a CEO

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Companies can optimize their investments in technology with these tips offered by Greg Driscoll, senior vice president of service operations and chief information officer for Penn Mutual.

Optimizing Your Investments in Technology by Avoiding the Distractions

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Greg Driscoll, senior vice president of service operations and chief information officer for Penn Mutual, explains the importance of data and analytics in the digital age and how information enhances customer experience.

Data and Disruption In the Digital Age

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In honor of Veteran’s Day, Sheri Rhoades, vice president of business transformation of Penn Mutual, is featured in a ThinkAdvisor article spotlighting people in the financial industry who’ve served in the United States military. &nbsp;

Honoring Advisors Who Serve(d): Veterans Day, 2019

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Tom Harris, executive vice president and chief distribution officer for Penn Mutual, discusses the company's recent study on the behaviors and planning styles of parents and grandparents. &nbsp;

Marketing to Millennials

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Eileen McDonnell, chairman and CEO of Penn Mutual, returns to Yahoo! Finance to discuss Life Insurance Awareness Month and Penn Mutual’s survey results, which revealed millennial parents’ planning habits.

The Importance of Life Insurance Between Generations

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During an appearance on Yahoo Finance, Eileen McDonnell, chairman and CEO of Penn Mutual, and Kraig Puccia, the 2019 Penn Mutual Life of Significance Award winner, discussed Puccia’s community service and Penn Mutual’s involvement in rugby. &nbsp;

Why This 170 Year Old Life Insurance Company is All-In on U.S. Rugby

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Featured in MarketWatch, Meg Muldoon, assistant vice president of advanced markets at Penn Mutual, discusses the ramifications of three handwritten Wills for the late singer Aretha Franklin.

Late Singer Aretha Franklin Allegedly Wrote Three Wills, but They May Not Be Valid

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Eileen McDonnell, chairman and CEO of Penn Mutual, and Sue Deakins, executive vice president and CFO at Penn Mutual, are featured in an NBC10 story celebrating International Women’s Day and focusing on leveling the playing field for women in business.

Looking to Level Playing Field on International Women’s Day

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Eileen McDonnell, chairman and CEO of Penn Mutual, is featured in Forbes, explaining Penn Mutual’s commitment to innovation and how we differentiate ourselves in the life insurance industry.

How a 172-Year-Old Company Is Innovating Life Insurance: Interview with CEO Eileen McDonnell

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Eileen McDonnell, chairman and CEO of Penn Mutual, discusses her career path and how her life experiences have shaped her leadership style. &nbsp;

Cheerleader in Chief

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Eileen McDonnell, chairman and CEO of Penn Mutual, is included in this NBC News article, where she shares an important question she chose to ask her mentors.

5 Female Execs Reveal the Best Question They Have Asked a Mentor

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Eileen McDonnell, chairman and CEO of Penn Mutual, speaks with Robert Reiss of The CEO Forum Group in a radio podcast focusing on Penn Mutual initiatives and the industry best practices led by McDonnell and her team.

Transforming the Customer Experience

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Eileen McDonnell, chairman and CEO of Penn Mutual, is highlighted in Irish America for her keynote speech at the 33rd annual Business 100 awards luncheon at the Metropolitan Club in New York City.

2018 Business 100 Luncheon

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Eileen McDonnell, chairman and CEO of Penn Mutual, is honored as one of the "2018 Most Admired CEOs Award" from the Philadelphia Business Journal.

2018 Most Admired CEOs Awards

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Jessica Choi, assistant vice president of talent acquisition and diversity at Penn Mutual, is included in John Hilton’s InsuranceNewsNet article highlighting a LIMRA panel she was on. The panel discussion focused on the life insurance industry's shifting culture. Choi recalls what attracted her to Penn Mutual, "I met our leadership team and was completely blow away."

Creativity Opens The Diversity Door In Life Insurance

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Eileen McDonnell, chairman and CEO of Penn Mutual, is featured in Lisa Dukart's Main Line Today article highlighting powerful female executives in the Philadelphia region. "As we built our confidence, as we recapped our business plan, a big theme that we had was deciding to lead. I think we've demonstrated really well here at Penn Mutual that it's not just lip service having women in key leadership positions," she says.

2018 Women on the Move

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David LaBricciosa, managing partner of Penn Mutual's AspireWealth Planners, contributes a byline to Life &amp; Health Advisor discussing the importance of retaining advisers. "I find it difficult to believe our noble profession can accept that kind of retention rate when we have such a passion for what we do and who we serve. Part of the problem lies with how advisers are recruited. We need to start a new conversation about who should be introduced to this career and how to develop successful advisers who serve clients for generations to come," he says.

Going Against the Grain to Retain Financial Advisers

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Emily Zulz of ThinkAdvisor includes Penn Mutual in an article highlighting recent industry news. Hornor, Townsend &amp; Kent, Inc., a wholly-owned subsidiary of Penn Mutual, recently released a digital investment solution that is powered by Betterment for Advisors. The solution, SmartJourney, will help support advisers by streamlining their back-office operations, automating portfolio management and increasing efficiency within their practice.

Franklin Templeton Launches 3 Passive ETFs: Portfolio Products

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MarketWatch features a Penn Mutual press release announcing its recognition as an Impact Award winner from the Novarica Insurance Technology Research Council (Novarica). Novarica awarded Penn Mutual the Impact Award for creating a tool that modernizes the life insurance process by condensing the life insurance policy application process and decision-making time from an industry average of 30 days to as little as 24 hours.

The Penn Mutual Life Insurance Company Receives National Award for New Digital Client Experience

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InsuranceNewsNet features a Penn Mutual press release announcing Penn Mutual's strategic partnership with M Financial. This new partnership enhances Penn Mutual's access to the affluent market for life insurance and will bolster M Financial's existing financial services portfolio.

Penn Mutual Life Insurance Company And M Financial Group Announce New Strategic Relationship

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Jeff Spencer, adviser at Penn Mutual's Concord Wealth Management, is included in Ben Mattlin's Financial Advisor article discussing insurance strategies that address millennial needs. "With millennials, the best way is to talk about how you can use it before retirement, as well as the power of having a non-market-correlated asset in retirement. Weâre seeing a large number of millennials looking to buy income properties, and having a liquid account such as cash-value life insurance is great because it provides guaranteed tax-deferred growth and tax-free access to capital for down payments or collateral," he says.

Insurance Takes On Millennials

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Eileen McDonnell, chairman and CEO of Penn Mutual, is featured on Bloomberg Radio's "Bloomberg Markets" discussing the importance of inclusive, gender diverse work environments. "Women are better prepared today than they ever were to take over the head of the house. It starts with a willingness of individual boards and CEOs that are willing to welcome women into their ranks of the board room and the C-suite," she says.

Promoting Gender Diversity in Business

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Dave O'Malley, president and COO of Penn Mutual, is included in Kenneth Hilario's Philadelphia Business Journal article discussing strategic sports sponsorships. "Activation has to be authentic. What do you want to get accomplished? Work back from there with a multiyear plan and say, 'How do I want to get that engagement, build that in an authentic way, and what tactics do I want to take?' Sports allows you to tell incredible stories and make them come to life in a real way for your brand," he says.

Why Authentic Activation is Today's Strategy in Pro Sports Sponsorships

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Nancy Dinh, managing partner at Penn Mutual's Armor Wealth Management, was featured in Emily Zulz's ThinkAdvisor article discussing how her past has influenced her financial service career drive. "My advice to advisors is that the only person stopping you from being successful is you. You have the passion to help people in terms of protection, their future, their family -- you have to have that drive and that passion to make it through," she says.

What Living and Working in a Motel Taught This Advisor

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Life &amp; Health Advisor features a Penn Mutual press release announcing the addition of Carol Johnson and Bill Goings to the company's Board of Trustees. Both individuals have an extensive growth record and will join an already impressive group of leaders serving on Penn Mutual's board.

Carol Johnson, William Goings To Serve On Penn Mutual Board of Trustees

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John Caserta, managing partner at Penn Mutual's Caserta &amp; de Jongh, is featured on WTNH-TV, "Good Morning CT," to discuss how individuals can review their insurance coverage and adjust where needed. "With life insurance, I always tell people the earlier the better because it is based on age and health. It's always a lot easier to get it when you're younger and healthier, and probably ends up being less expensive as well," he says.

National Insurance Awareness Day

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Jason Mackey of the Pittsburgh Post-Gazette features Nick Carey, winner of Penn Mutual's fourth annual Life of Significance Award, in an article highlighting his recognition. "Nick has devoted himself to a life of service while maintaining a strong leadership role in whatever he does. His dedication to being a team member while also helping others is what the sport of rugby is all about," Carey's coach explains.

Selflessness natural for Glenshaw native Nick Carey

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Ande Frazier, president of Leap Systems, an independent affiliate of Penn Mutual, is included in Rebecca Lake's Investopedia article discussing diversity in the financial services industry. "When people aren't able to find an adviser they connect with, they get discouraged and procrastinate or start looking elsewhere for guidance. They're turning to robo-advisers, the internet, or their family members and friends for advice, therefore discounting the important role of the adviser," she says.

FA Profession: Accountable for Lack of Diversity

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Tom Harris, executive vice president at Penn Mutual, contributes a byline to ThinkAdvisor about enlisting veterans in the financial services industry. "Throughout my career, I’ve come to learn that military veterans possess the characteristics of superstar associates in the making. They’re intelligent, willing to put in the work, have an entrepreneurial spirit and a strong sense of purpose, and they understand the importance of collaboration and teamwork," he says.

Let's Help Enlist Veterans in Financial Services Careers

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Penn Mutual is included in Ronald Pechtimaldjian's ThinkAdvisor article honoring financial advisers who served or are currently serving in the military. Jim Cote, financial adviser at Penn Mutual’s Concord Wealth Management, and Thomas Fogerty, financial adviser at Penn Mutual’s Lakeshore Wealth Strategies are both included with stories of their service.

Honoring Advisors Who Serve(d): Memorial Day, 2018

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Andy McInerney, enterprise networking director of Penn Mutual, is included in Calvin Hennick’s BizTech magazine article discussing how the company is transforming by adopting a cloud-managed Wi-Fi network. "You can see everything about that user, that machine, what applications they're hitting. You can create policies to curtail application-based issues. It's an incredible amount of data that's easy to see and digest, and that allows you to troubleshoot," he says.

Businesses Transform Their Wi-Fi Management in the Cloud

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Allison Bell of ThinkAdvisor includes Penn Mutual in an article discussing new permanent life insurance updates and products. Penn Mutual is included for their release of the Survivorship Choice Whole Life policy, which allows two spouses to use the policy to insure both lives.

5 New Life Products for Spring

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Ray Caucci, senior vice president at Penn Mutual, contributes a byline to Life &amp; Health Advisor discussing ways life insurance closes the retirement income gap. "Permanent life insurance allows policyholders to accumulate cash value that can be used in retirement, which can come in handy should a client experience a cash shortfall. Also, starting early while young and still healthy can make permanent life insurance policies more affordable," he says.

The Far Reach Of Protection

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Penn Mutual is included in a Bucks County Courier Times article for being the recipient of Neumann University’s 2017-2018 Institute for Sport, Spirituality and Character Development award. This is the university's highest honor, and recognizes organizations that celebrate sports and exemplify fundamental values such as integrity, service and excellence.

Bucks and Montgomery County business achievers, April 27

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Eileen McDonnell, chairman and CEO of Penn Mutual, is featured in Meghan Glass’s CatholicPhilly.com article about Penn Mutual’s receipt of the 2018 Institute for Sport, Spirituality and Character Development Award. "What we saw in rugby, was the same values we live by – the same values honored in our Penn Mutual ‘Life of Significance’ award: integrity, respect, relationships, service. I believe that the living tradition of rugby has something to teach us all, something you are honoring with this award," she says.

Neumann U Lauds Penn Mutual’s Support of Rugby

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InsuranceNewsNet features a Penn Mutual press release announcing the launch of Survivorship ChoiceSM Whole Life. With this launch, Penn Mutual is now the only carrier in today’s market to offer survivorship life insurance products in both the whole life and indexed universal life spaces.

Penn Mutual Launches Survivorship Choice Whole Life

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Eileen McDonnell, chairman and CEO of Penn Mutual, is featured on a Bloomberg TV segment with host Vonnie Quinn discussing the rich history of Penn Mutual’s diverse workforce. "For Penn Mutual, we’ve had a long history of having a workforce that has been diverse. And I think what we’ve been able to demonstrate is by having a board that is over 40 percent female and a C-Suite that is pushing 40 percent, we’ve been able to have eight consecutive years increasing earnings," she says.

Penn Mutual CEO Sees Earnings Boost With Boardroom Equality

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Eileen McDonnell, chairman and CEO of Penn Mutual, is featured on a 33Voices.com podcast discussing leadership and innovation within the financial services industry. “Coming through the ranks of the insurance industry, I believe I was given opportunities because there was a skill set and abilities that complimented the men I was working with. They looked to me to complete them, and as I moved along with my career, I was looking for others who could compliment me. The best results over my career, and my best performance, was when I had been in a position where there was shared leadership, among both men and women with diverse backgrounds,” she says.

Eileen McDonnell: Reimagining Leadership in Financial Services

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Eileen McDonnell, chairman and CEO of Penn Mutual, is featured in Michael Woodward’s Psychology Today article discussing the importance of working with professionals who aren't afraid to voice their opinions and how crucial it is to have a diverse and collaborative team. “Truth be told, even with some of the great work I am getting recognized for over my career, it’s always because I’ve had a vision that relied on the input from a lot of different people around me,” she says.

How to Harnesses the Power of Listening

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Moira Vetter of Forbes features Eileen McDonnell, chairman and CEO of Penn Mutual, in a Q&amp;A piece highlighting her role as transformational leader in the financial services industry. When discussing entrepreneurship and female leadership McDonnell says, "Entrepreneurship is not about the number of years you’ve been in business—it is a frame of mind. It’s why people came up with the term intrapreneur."

Penn Mutual Makes Capital For Women Founders A Pillar Of Transformation

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Christine Hennigan, ChFC, of Penn Mutual’s 1847Financial, is included in Brian O’Connell’s InsuranceNewsNet article discussing the importance of couples having assets in their own name, and consulting with an adviser when going through a divorce. “If the couple divorces, hiding assets or moving money around without the other party's knowledge can come under scrutiny, especially in the event of a divorce or a troubling relationship situation,” she says.

January Splits Leave Divorced Couples in Need of Financial Planning

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Amy Williams, assistant vice president of human resources at Penn Mutual, is included in Andrew Mcllvaine’s Human Resource Executive article detailing her perception on Penn Mutual candidates. “Three years ago, people were just looking for something to pay the bills until they found their dream job; now, they’re much choosier,” she says. “At Penn Mutual, the company emphasizes its peer-to-peer recognition program, called Pride, as well as its collaborative culture.

Dealing with Choosier Job Candidates

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HORSHAM, Pa. – July 8, 2020 – Hornor, Townsend &amp; Kent, LLC (HTK), a broker-dealer and registered investment adviser supporting independent financial professionals across the U.S., today announces its inclusion in several prestigious industry rankings. HTK has been named one of the top 50 independent broker-dealers (IBDs) in the U.S. for 2020 by the respected publications ThinkAdvisor, Financial Planning, InvestmentNews and Financial Advisor. HTK placed No. 26 in ThinkAdvisor, No. 34 in Financial Planning, No. 34 in InvestmentNews and No. 36 in Financial Advisor, based on 2019 revenue. “These rankings reaffirm our strong position in the marketplace,” says Tim Donahue, president and chief executive officer, HTK. “Our consistent revenue generation year over year is driven by the dedicated HTK financial professionals throughout the U.S. who are focused on best serving their clients and growing their practices.” HTK reported total revenue of nearly $123 million in 2019. With a comprehensive, flexible platform for independent financial professionals to conduct their business, HTK has been focused on expanding its investment advisory services and solutions. In 2019, HTK’s investment advisory revenue accounted for nearly one-third of total revenue, and investment advisory assets under HTK increased by 20 percent from 2018 to 2019. “As a Penn Mutual company, HTK represents a key component of our distribution strategy,” says Thomas Harris, CLU®, ChFC®, FLMI, executive vice president and chief distribution officer, Penn Mutual. “In a constantly changing broker-dealer environment, financial professionals and clients who partner with HTK can be assured that they are backed by the strength and stability of Penn Mutual, a Fortune 1000 company, in addition to receiving the personalized service that HTK and Penn Mutual are known for.” Each publication’s rankings are based on company data provided by each broker-dealer through a survey. All financial figures are as of December 31, 2019. About HTK  HTK is a broker-dealer and registered investment adviser supporting independent financial professionals across the U.S. For more than 50 years, HTK has been the trusted partner supporting financial professionals on their path to success. HTK is committed to offering its financial professionals the independence to build their practice their way through the delivery of a flexible platform, leading solutions and personalized service. Hornor, Townsend &amp; Kent, LLC (HTK) is a wholly-owned subsidiary of The Penn Mutual Life Insurance Company. Member FINRA/SIPC. Visit www.htk.com Contact Stephanie KenseyHTK215-956-8337skensy@htk.com 3149816AL_JUL22   .

HTK Named a Top Independent Broker-Dealer

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HORSHAM, Pa. – June 30, 2020 – The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, recently received a 2020 North America Disability Matters Marketplace Award recognizing efforts for outreach and engagement with consumers with disabilities and those who have children and other dependents with special needs.&nbsp; Meg Muldoon, assistant vice president, advanced markets, accepted the award on behalf of the company. Penn Mutual was honored for developing Advocating for a Bright Future - a company-wide initiative to train and equip Penn Mutual field leaders and financial professionals on how to incorporate the benefits of life insurance as part of a comprehensive special needs plan.&nbsp; In the first two years of the program, 50 financial professionals and staff members attended training forums to learn how to best work with and serve the special needs community. “Knowing that nearly one-fifth of all Americans — more than 56 million people — have a disability, and close to 30% of all families have a family member with a disability, we recognized the need to educate our field leaders, financial professionals and staff members on how life insurance can be used to help families facing these challenges,” said Muldoon. “Penn Mutual encourages financial professionals to provide meaningful financial guidance that addresses the complex needs of this community.” The Disability Matters Awards, presented annually by Springboard Consulting, honors companies for their innovative programs in the special needs market. The Honorees represent the "best of the best" when it comes to the commitment required and actions necessary for disability inclusion; shining a spotlight on companies that have had successes in mainstreaming people with disabilities in their workforce, workplace and/or marketplace.&nbsp; Amazon, American Airlines, and Royal Caribbean International were also recognized with 2020 Marketplace Awards. About The Penn Mutual Life Insurance Company Since 1847, Penn Mutual has been committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted financial professionals, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its financial professionals with retirement and investment services through Hornor, Townsend &amp; Kent, LLC, member FINRA/SIPC. Visit Penn Mutual at www.pennmutual.com. Haley RosaGregory FCA(610) 228-2805haley@gregoryfca.com Jeff LeinenPenn Mutual(215)&nbsp;956-8530Leinen.Jeff@pennmutual.com  3130610CC_JUN22

The Penn Mutual Life Insurance Company Honored With 2020 Disability Matters Award

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Bozeman, MT (May 13, 2020) — AdvicePay, the leading fee payment-processing platform designed exclusively for financial professionals, announced today an enterprise online billing and payment solution for top broker-dealer and registered investment adviser (RIA), Hornor, Townsend &amp; Kent, LLC (HTK). The solution and partnership supports the expansion of HTK’s fee-based financial planning platform and is available to HTK financial professionals who are investment adviser representatives (IARs). As part of this ground-breaking solution, AdvicePay is enabling a new era for HTK financial professionals to offer subscription-based services as well as conveniently accept online credit card payments for traditional financial planning. “Financial planning is undergoing a fundamental shift from being compensated to implement products, to being paid for the advice itself,” said veteran financial advisor and AdvicePay co-founder, Michael Kitces. “Alternative pricing arrangements, such as subscription models or hourly arrangements, are becoming increasingly prevalent to compensate financial professionals for their advice, which is why we designed AdvicePay. We are excited to be working with HTK to implement this next-generation approach.” “As financial planning services gain momentum, HTK has prioritized the enhancement and expansion of these service offerings within our RIA program,” said Tim Donahue, president and CEO, HTK. “We knew we needed the right technology to support the growth of financial planning and found that in AdvicePay. We are proud to offer our financial professionals and clients the ability to use this efficient and secure payment solution. In particular, we see tremendous value in the potential to leverage AdvicePay for subscription-based services, which are expected to become increasingly in demand within our industry.” Most online retail billing platforms have significant limitations for the financial advice industry. AdvicePay built its system specifically to meet compliance requirements and serve financial professionals and their clients. “The AdvicePay Enterprise platform provides dedicated tools built specifically for organizations that support large numbers of financial professionals and must manage key oversight and compliance requirements,” said Alan Moore, co-founder and CEO, AdvicePay. “We are seeing growing demand across the industry from both clients and financial professionals who want to engage in financial planning, and be able to simply charge and get paid directly for the advice being delivered. AdvicePay is uniquely positioned to enable these types of relationships, and we will continue to invest in the AdvicePay platform to make it even more useful and valuable.” To learn more about HTK’s flexible platform, visit www.htk.com. To learn more about AdvicePay’s billing and payment solution, visit www.advicepay.com. &nbsp;About AdvicePay Established by well-known financial advisors Michael Kitces and Alan Moore, AdvicePay is the&nbsp;only billing and payment processing platform created specifically for fee-for-service financial&nbsp;planning. Financial advisors benefit from efficient invoicing and payment workflows designed&nbsp;exclusively to support their businesses, including up-to-date compliance and data security&nbsp;management. Users can issue agreements for client e-signature, accept ACH and credit cards,&nbsp;bill hourly or one-time fees, or establish recurring retainer or subscription billing compliantly – all&nbsp;through the AdvicePay system. &nbsp;About HTK Hornor, Townsend &amp; Kent (HTK) is a broker-dealer and registered investment adviser supporting independent financial professionals across the U.S. For more than 50 years, HTK has been the trusted partner supporting financial professionals on their path to success. HTK is committed to offering financial professionals with the independence to build their practice their way through the delivery of a flexible platform, leading solutions and personalized service. Securities and investment advisory services offered through Hornor, Townsend &amp; Kent, LLC (HTK). Member FINRA/SIPC. HTK is a wholly-owned subsidiary of The Penn Mutual Life Insurance Company. 600 Dresher Road, Horsham, PA 19044, 800-873-7637, www.htk.com. 3082154AL_MAY22 Contacts AdvicePayShannon Beck406-412-2047shannon@advicepay.com Media InquiriesTimothy WelshNexus Strategy, LLC415-847-4874tim@nexus-strategy.com HTKStephanie Kensy215-956-8337skensy@htk.com

HTK Adopts AdvicePay to Support Enhanced Financial Planning Solutions

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Horsham, Pa. – May 12,&nbsp; 2020 – The Penn Mutual Life Insurance Company (Penn Mutual) is pleased to announce that Moody’s Investors Service and A.M. Best are once again recognizing the strength of the Fortune 1000 life insurance company and its subsidiaries. During both agencies’ annual reviews, Penn Mutual received superior marks for its capital strength, business profile, and governance and risk management practices. Ratings agencies provide an independent view of the future ability of an insurance company to make good on its promises to provide protection. Moody’s Investors Service reaffirmed Penn Mutual’s Aa3 (Excellent) rating, which reflects the company’s solid capitalization, liquidity and good asset quality, while A.M. Best reaffirmed Penn Mutual’s A+ (Superior) Financial Strength Rating (FSR) and aa- Issuer Credit Rating (ICR). A.M Best notes that Penn Mutual’s balance sheet strength is very strong, as well as its operating performance. The agency also remarks that Penn Mutual has experienced consistent growth in capital over the past few years, and has efficiently managed its investment portfolio. Dave Raszeja, senior vice president and chief financial officer at Penn Mutual, explains that the reaffirmation is particularly noteworthy.&nbsp; “As a mutual company, we have always taken the long-term view in service to our policyholders’ best interests and have a history of protecting what matters most. Our legacy of financial strength continues to be foundational to the company and our success,” says Raszeja.&nbsp; “I’m proud to say that the ratings agencies recognize this and continue to give us a vote of confidence. At a time when the agencies have a negative outlook on the industry as a whole, Moody’s and AM Best have affirmed our ratings in recognition of our solid capitalization, strong liquidity and good asset quality. “Our organization has been diligent in working through this pandemic to maintain business continuity,” continues Raszeja. “The dedication and flexibility of our home office and field office associates to provide uninterrupted service to our policyholders and financial professional have fueled our ability to perform at the highest levels.&nbsp; The validation of these ratings affirmations conveys those efforts.” Both Moody’s Investors Service and A.M. Best’s reviews serve as independent proof for financial professionals, prospective clients and current policyholders to reinforce the company’s ability to make good on its promises to provide protection, give greater financial flexibility, and allow for a safe retirement. &nbsp;About The Penn Mutual Life Insurance Company Penn Mutual is committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its advisers with retirement and investment services through its wholly owned subsidiary Hornor, Townsend &amp; Kent, LLC, member&nbsp;FINRA/SIPC. Visit Penn Mutual at&nbsp;www.pennmutual.com.  Melanie Yuill&nbsp;Gregory FCA(215) 488-1239melanie@gregoryfca.com&nbsp;&nbsp; Jeff LeinenPenn Mutual(215)&nbsp;956-8530Leinen.Jeff@pennmutual.com An insurer’s financial strength rating represents an opinion by the issuing agency regarding the ability of an insurance company to meet its financial obligations to its policyholders and contract holders and not a statement of fact or recommendation to purchase, sell or hold any security, policy or contract. These ratings do not imply approval of our products and do not reflect any indication of their performance. For more information about a particular rating or rating agency, please visit the website of the relevant agency.  &nbsp; 3062623CC_MAY22

Nation’s Top Insurance Ratings Agencies Reaffirm The Penn Mutual Life Insurance Company’s Financial Strength

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OLDWICK, N.J., April 15, 2020—AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa-” of The Penn Mutual Life Insurance Company (Penn Mutual Life) (Horsham, PA) and its wholly owned subsidiaries, The Penn Insurance and Annuity Company (Wilmington, DE), Vantis Life Insurance Company (Vantis Life) (Windsor, CT) and Vantis Life Insurance Company of New York (Brewster, NY). Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of “a” on the $200 million 6.65% surplus notes due 2034 and the $200 million 7.625% surplus notes due 2040, issued by Penn Mutual Life. The outlook of these Credit Ratings (ratings) is stable. These companies collectively are referred to as Penn Mutual. The ratings reflect Penn Mutual’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. Penn Mutual’s risk-adjusted capitalization is very strong, as measured by Best’s Capital Adequacy Ratio (BCAR), and is supported by the company’s consistent growth in capital over the past few years and its efficiently managed investment portfolio, which has produced favorable net yields relative to peers and industry benchmarks. The balance sheet is supported further by good liquidity metrics and the overall financial flexibility of the organization. Penn Mutual continues to report good top-line growth with sales of its core products trending favorably.&nbsp;The company benefits from diversity of product offering and distribution capabilities and partnerships. AM Best notes that Penn Mutual has benefited from its application and underwriting tool, ACE, which allows advisers access to real-time data, particularly in the current challenging environment. While GAAP operating performance has been good, with growth of 5% over the prior year-end, AM Best notes that statutory operating metrics have been impacted somewhat by strain related to sales of certain products. Penn Mutual’s focus on risk management reflects its formalized risk management framework, including well-communicated risk appetite and tolerances, multi-combined scenario stress testing and a risk culture that is embedded across all levels of the organization. This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases. About A.M. Best AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com. An insurer's financial strength rating represents an opinion by the issuing agency regarding the ability of an insurance company to meet its financial obligations to its policyholders and contract holders and not a statement of fact or recommendation to purchase, sell or hold any security, policy or contract. These ratings do not imply approval of our products and do not reflect any indication of their performance. Past performance is no guarantee of future results. For more information, click here. &nbsp; 3063821CC_APR22

AM Best Affirms Credit Ratings of The Penn Mutual Life Insurance Company and Its Subsidiaries

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HORSHAM, PA. –March 10, 2020 – The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, has announced today a strategic relaunch for three of its Southern region agencies, arming the firm with a unified market presence that spotlights service offerings, ultimately propelling each office toward significant growth. &nbsp; The newly-named PS&amp;G Financial Partners, named for their core values – protection, savings and growth – will consolidate the former Penn Mutual Music City, headquartered in Nashville, TN, and Penn Mutual Alabama, based in Birmingham, AL, agencies under one brand name.&nbsp; The firm is also adding a third agency, OneCommonwealth Financial Group based in Lexington, KY, to its growing footprint as part of the PS&amp;G family. Penn Mutual will remain the preferred partner for PS&amp;G, fully assisting the firm with industry-leading life insurance products, financial planning technology systems, broker dealer support, financial professional training, and more.&nbsp; “The cornerstone of our work centers on building loyal relationships and providing a holistic process that achieves financial goals. Having a broader presence, with a name that articulates what we stand for, will allow us a significant opportunity for massive growth and continuity around being a first class organization,” says Dewane Lewis, managing partner at PS&amp;G. “We wholly stand behind our financial planning process, Penn Mutual’s best-in-class product portfolio, and our culture and dedication to clients. At the same time, we have robust plans to grow our staff of financial professionals and our client base.” Under the consolidation, PS&amp;G now has over 130 financial professionals who will work closely with clients across the firm’s southern footprint to deliver superior life insurance strategies as a means to protect wealth, as well as providing efficient savings and wealth maximizing approaches. Founded in 2016, PS&amp;G works with individuals and families across a variety of comprehensive wealth management needs, including retirement planning, optimizing business finances and succession plans, estate planning, and more. About The Penn Mutual Life Insurance Company Penn Mutual is committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its advisers with retirement and investment services through its wholly owned subsidiary Hornor, Townsend &amp; Kent, LLC, member&nbsp;FINRA/SIPC. Visit Penn Mutual at&nbsp;www.pennmutual.com.  Karyn BaldwinGregory FCA(610) 228-2105Karyn@gregoryfca.com Jeff LeinenPenn Mutual(215)&nbsp;956-8530Leinen.Jeff@pennmutual.com &nbsp; 2984318CC_Mar22

The Penn Mutual Life Insurance Company Announces Growth Strategy and Unified Branding for Southern Region Agencies

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HORSHAM, PA. – February 11, 2020 – The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, has announced a relaunch of its Chicago agency, now Penn Mutual Midwest Wealth Strategies. Formerly operating as Lakeshore Wealth Strategies, the firm’s new name is designed to reflect a growth and planning mindset while rooting its identity in the Midwest.&nbsp;The relaunch incorporates the Penn Mutual name, representing the mutually aligned values, vision and leadership. &nbsp;“The firm has been focused and dedicated to evolving its reach. This recent change reflects a way to reaffirm the company’s commitment to both clients and advisors, all while being foundationally backed by the strength and stability of the Penn Mutual brand,” says Julie Davis, vice president, sales for Penn Mutual. “With the decision to rebrand, the agency is in a prime position for growth. The team is wholly aligned with Penn Mutual’s values and vision for 2020 and beyond, and we’re excited to support them through this next chapter.” &nbsp;Entering their second decade in the Chicago market, the firm is committed to providing top-tier financial services through the knowledge and experience of its team of advisers. The rebrand is part of a strategic plan from managing partner Teresa Fitzgerald, who took over leadership of the firm in October 2019. &nbsp;“In bringing our established partnership with Penn Mutual to the forefront, we are preparing our firm, clients and advisers for continued success through collaboration and partnership.&nbsp; Our vision is one that encourages our clients be a contributor in their unique planning experience and provides our advisors the platform to do just that,” says Fitzgerald.&nbsp; “We continue our commitment to bolstering awareness and growth across the Midwest. In integrating the Penn Mutual name, we will offer our clients and advisors an individualized experience on a larger scale, in collaboration with the long-standing values of Penn Mutual.” &nbsp;About The Penn Mutual Life Insurance Company Penn Mutual is committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its advisers with retirement and investment services through its wholly owned subsidiary Hornor, Townsend &amp; Kent, LLC, member&nbsp;FINRA/SIPC. Visit Penn Mutual at&nbsp;www.pennmutual.com.  Contact Hannah MillerGregory FCA(610) 228-2287hannah@gregoryfca.com&nbsp;&nbsp; Jeff LeinenPenn Mutual(215)&nbsp;956-8530Leinen.Jeff@pennmutual.com 2920817CC_Feb22

The Penn Mutual Life Insurance Company Announces Relaunch of Chicago-area Agency

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HORSHAM, Pa. – February 4, 2020 – Penn Mutual recently released two new universal life products, expanding on its comprehensive portfolio. The Accumulation Builder Flex Index Universal Life (IUL) and Diversified Advantage Variable Universal Life (VUL) products equip consumers with robust allocation options and propels Penn Mutual forward as a strong competitor in the market with an emphasis on new and unique indexed accounts. The Accumulation Builder Flex IUL presents a tax-efficient, flexible death benefit solution that provides consumers strong upside potential with guaranteed downside protection, including a guarantee of at least 1% interest growth. The new product offers five diverse indexed account options – each with a variety of built-in guarantees – designed to perform uniquely across multiple market scenarios. In addition to providing an income-tax-free death benefit, the IUL also provides top-tier competitiveness cash value growth that consumers can access through loans or withdrawals at any time. &nbsp;The Diversified Advantage VUL provides enhanced diversification and flexibility, allowing consumers to allocate to a host of varying investment options, including the addition of 2 unique indexed fixed accounts. In conjunction with the diverse suite of available sub-accounts, the indexed fixed accounts offer clients the ability to customize and align cash value growth potential with personal risk tolerance at different stages of life. This robust suite of allocation options allow consumers to generate strong market upside, while still providing protection and the flexibility to change allocations as risk tolerance evolves. The diversity of allocation options in the VUL offers stiff competition to similar products in the marketplace, as well as to emerging leveraged IUL products across the industry. &nbsp;“By innovating these two products, we are providing our advisers with a suite of offerings that can help them better serve clients,” explained Heather Yonosh, VP, product development and pricing at Penn Mutual. “The needs of clients across different demographics and risk tolerances are constantly changing. It’s incumbent upon our business - and industry - to arm our adviser force with strategies that ultimately bolster a client’s financial objectives, can provide retirement planning benefits, and leave behind a legacy for future generations.” &nbsp;About The Penn Mutual Life Insurance Company Penn Mutual is committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its advisers with retirement and investment services through its wholly owned subsidiary Hornor, Townsend &amp; Kent, LLC, member&nbsp;FINRA/SIPC. Visit Penn Mutual at&nbsp;www.pennmutual.com. Contact Darby RoweGregory FCA(610) 228-2148Darby@gregoryfca.com Jeff LeinenPenn Mutual(215)&nbsp;956-8530Leinen.Jeff@pennmutual.com   Accumulation Builder Flex IUL (Policy form&nbsp;ICC18-PI-IFL) is an indexed universal life policy issued by The Penn Insurance and Annuity Company, a wholly owned subsidiary of The Penn Mutual Life Insurance Company. Diversified Advantage Variable Universal Life (policy form ICC19-VFL) is a flexible premium, adjustable variable universal life insurance policy offered by The Penn Mutual Life Insurance Company. Policy form numbers, issuing company, eligibility requirements and rider provisions may vary by state. All guarantees are based upon the claims-paying ability of the issuer. Accessing cash value will reduce your policy death benefit and values may result in certain fees and charges. Loans will nullify the no-lapse guarantee. You can reinstate the no-lapse guarantee by repaying outstanding loans. Ask your adviser for additional information about accessing cash value, including circumstances under which the values you access could be taxable. You should always consult your tax professional prior to accessing policy cash value. Variable Universal Life products are subject to market fluctuations and may lose value. They must be preceded or accompanied by their respective prospectuses and the underlying investment option’s prospectus. Investors should carefully consider the investment’s objectives, risks, charges and expenses before investing. These products are not FDIC/NCUA insured, are not bank or Credit Union guaranteed, may lose value, are not a deposit and not insured by any federal government agency. Investors can obtain prospectuses from a Penn Mutual financial professional or go to www.pennmutual.com. Penn Mutual’s variable products are primarily offered through Hornor, Townsend &amp; Kent, LLC. (HTK), Registered Investment Advisor, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 215-957-7300. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company. 2869159TM_Dec21 &nbsp; &nbsp;

Penn Mutual Launches Two New Universal Life Products

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HORSHAM, PA. – January 27, 2020 – The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, has announced that Dave Raszeja, senior vice president, financial management and chief risk officer, has been promoted to senior vice president, chief financial officer, effective March 1. Appointed by Penn Mutual’s Board of Trustees, Raszeja will move into the role and take over responsibilities from long-tenured CFO Sue Deakins, who announced her retirement early last year.&nbsp; Raszeja joined Penn Mutual in July 2001 as an actuarial assistant. He has risen through the ranks and held various roles in the organization, ultimately garnering a multi-faceted understanding of Penn Mutual from varying vantage points. Most recently, as SVP, financial management and chief risk officer, he ensured proper governance of risk practices and communication of risk strategy while also leading aspects of financial reporting and corporate actuarial management. As CFO, he will lead all areas of the financial management department, including financial reporting, accounting, financial controls, actuarial valuation, financial analysis, risk management, financial operations and procurement and benefits and payroll. Raszeja will continue the legacy and exemplary approach in supervising the company’s historical commitment to policyholders, as well as overseeing Penn Mutual’s enduring financial stability and strength. “As an almost 20-year veteran at the company, Dave has a unique perspective into our obligation to our policyholders, our mission to move the company forward, and a diverse understanding of our organization and culture — all elements that will help him succeed in achieving our long-term business objectives,” explains Eileen McDonnell, chairman and CEO of Penn Mutual. “He has led a distinguished career at Penn Mutual. His unwavering dedication and longevity within the company is paramount in our ability to seamlessly move forward under his leadership.” In addition to his tenure with Penn Mutual, Raszeja was also appointed as one of the first adjunct professors of Columbia University’s Enterprise Risk Management master’s degree program. In 2019, he completed Harvard Business School’s Professional Leadership Development program. A graduate of Rochester Institute of Technology, Raszeja received his master’s degree from State University of New York at Buffalo. He and his wife, Jackie, reside in Huntingdon Valley. He is a fellow of the Society of Actuaries and a member of the American Academy of Actuaries.  About The Penn Mutual Life Insurance Company  Penn Mutual is committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its advisers with retirement and investment services through its wholly owned subsidiary Hornor, Townsend &amp; Kent, LLC, member&nbsp;FINRA/SIPC. Visit Penn Mutual at&nbsp;www.pennmutual.com.  Karyn BaldwinGregory FCA(610) 228-2105Karyn@gregoryfca.com Jeff LeinenPenn Mutual(215)&nbsp;956-8530Leinen.Jeff@pennmutual.com &nbsp; 2918406TM_Jan22

The Penn Mutual Life Insurance Company Promotes Dave Raszeja to Chief Financial Officer

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HORSHAM, Pa. – January 21, 2020 – The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, is pleased to announce the promotion of Lisa Davis to managing partner of its Philadelphia agency, 1847Financial. In her new role, Davis will focus her efforts on developing the firm’s advisers, leaders and overall team. Davis joined 1847Financial in 2012 and was promoted to managing director in 2015. As an expert in strategic planning and business development, her prior role was focused on the firm’s growth strategy where she supervised development initiatives for the more than 100 advisers at the firm. Her efforts have been integral in consistently positioning 1847Financial as Penn Mutual’s top sales agency. &nbsp;Since day one with the company, Davis has played a vital part in facilitating the expansion of 1847Financial’s footprint, with offices now in Delaware, New Jersey and Florida. In her new position, she will join current Managing Partner Jim Meehan to continue to support the growth and vision of the firm. “Lisa is an asset to our organization and we are excited for her to take the helm with Jim and continue to promote 1847Financial’s growth in her new role,” said Julie Davis, vice president, sales at Penn Mutual. “1847Financial is always ready to help serve its clients and make a difference in our communities. Lisa has a proven track record in the Philadelphia area, and we know she is a great addition to the leadership team and direction of the firm.” “I am excited to welcome Lisa as my partner,” said Jim Meehan. “Her dedication to the firm and support for our advisors has earned her the respect of all of us at 1847Financial. Her talents and leadership will be instrumental in continuing our growth and high level of service to our clients.” Lisa Davis attributes her background in the hospitality industry as one reason why she thrives in financial services. It’s where she learned to always put the client experience first. “After taking time off from my career to raise my children, I started a new career in financial services. I’m thrilled to be progressing at a company — and in an industry — that values working parents. Over the last few years I’ve worked closely with Jim and look forward to our partnership and leading the firm together,” said Davis. “We have a strategic vision and I look forward to supporting our team and clients to offer a best-in-class experience.” Davis is originally from Lower Merion, PA and now resides in Plymouth Meeting, PA with her husband and two daughters. She is a graduate of Cornell University and also holds a master’s degree from The American College of Financial Services. In her spare time, Davis’ biggest passions are the work she does for GAMA and her alma mater, The American College of Financial Services.   About The Penn Mutual Life Insurance Company Penn Mutual is committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its advisers with retirement and investment services through its wholly owned subsidiary Hornor, Townsend &amp; Kent, LLC, member&nbsp;FINRA/SIPC. Visit Penn Mutual at&nbsp;www.pennmutual.com. Melanie YuillGregory FCA215-488-1239Melanie@gregoryfca.com Jeff LeinenPenn Mutual(215)&nbsp;956-8530Leinen.Jeff@pennmutual.com   2911314TM_Jan22

The Penn Mutual Life Insurance Company Promotes Lisa Davis to Managing Partner of 1847Financial

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HORSHAM, Pa. – January 6, 2020 – The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 Company, introduces a new Guaranteed Whole LifeSM insurance product that provides an array of options for a lifetime of security. The product’s built-in features, including a customized payment period, can offer peace of mind for policyholders and their beneficiaries.&nbsp; The Guaranteed Whole Life insurance product provides industry-leading cash value accumulation and death benefit protection to policyholders. It also allows them the opportunity to participate in the growth of Penn Mutual through an annual non-guaranteed dividend. Through strong corporate performance, Penn Mutual has demonstrated its commitment to financial strength and responsibility by having one of the strongest dividend histories in the industry over the last 20 years.&nbsp; Adding to the strength of Penn Mutual’s product portfolio – the most comprehensive collection in the industry – the Guaranteed Whole Life product includes an income-tax-free death benefit, guaranteed for the life of the policyholder and immediately accessible to the beneficiaries of the policy, along with the ability to access part of the death benefit in the event of chronic or terminal illness to the policyholder.&nbsp; These guaranteed benefits can help families maintain their lifestyle, stay in the home they love, finish their education and achieve other lifetime goals. “We are excited to introduce this new whole life product to our already strong and competitive portfolio,” said Heather Yonosh, VP, product development and pricing at Penn Mutual. “With guaranteed cash value accumulation that leads the market, we can provide better long-term growth for policyholders and the flexible coverage options can be tailored to provide a lifetime of security and meet their needs both now and in the future.” The robust new product also allows consumers to customize the policy and add other forms of protection specifically suited to the needs of their family or business. Because the new Guaranteed Whole Life insurance product accumulates tax-deferred cash value, it can be accessed at any time, for any reason. This way, policyholders can feel safe knowing that their family is protected while having the flexibility of money they can use for things like building a comfortable retirement, paying college expenses, covering emergency costs or growing a business.   About The Penn Mutual Life Insurance Company Penn Mutual is committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its advisers with retirement and investment services through its wholly owned subsidiary Hornor, Townsend &amp; Kent, LLC, member&nbsp;FINRA/SIPC. Visit Penn Mutual at&nbsp;www.pennmutual.com. Contact Melanie YuillGregory FCA(215) 488-1239Melanie@gregoryfca.com Jeff LeinenPenn Mutual(215)&nbsp;956-8530Leinen.Jeff@pennmutual.com  ACCELERATED BENEFIT – CHRONIC ILLNESS RIDER DISCLOSURE FOR CALIFORNIA RESIDENTS: The Chronic Illness Accelerated Benefit Rider is a life insurance benefit that also gives you the option to accelerate some of the death benefit in the event that you meet the criteria for a qualifying event described in the policy. This rider does not provide long-term care insurance subject to California long-term care insurance law. This rider is not a California Partnership for Long-Term Care program policy. This rider is not a Medicare supplement policy. An Accelerated Benefit Payment (ABP) is the actual benefit paid by the Chronic Illness Accelerated Benefit Rider and is subject to the ABP limits in the contract. The benefits provided by long-term care insurance are not the same as those provided by the Chronic Illness Accelerated Benefit Rider. The Chronic Illness Accelerated Benefit Rider requires a licensed health care practitioner to certify that continuous care in an eligible facility or at home is expected to be required for the remainder of the insured’s life when the insured has a Chronic Illness, whereas long-term care insurance does not generally have this requirement. The Rider also does not restrict how the policy owner can use the Accelerated Benefit Payments, whereas long-term care insurance will generally require proof of expenses incurred. The Chronic Illness Accelerated Benefit Rider pays proceeds that are intended to qualify for favorable tax treatment under section 101(g) of the Federal Internal Revenue Code. The federal, state, or local tax consequences resulting from payment of Accelerated Benefit Payments (ABPs) will depend on the specific facts and circumstances, and consequently, advice and guidance should be obtained from a personal tax advisor prior to the receipt of any ABPs. Death benefits and policy values, such as cash values, premium payments and cost of insurance charges if applicable, will be reduced if an ABP is paid. &nbsp;All guarantees are based on the claims paying ability of the issuer. Dividends are not guaranteed and past performance is not indicative of future results. Dividend scale comparison developed using information believed to be accurate as of November 2019. Penn Mutual information in the dividend scale comparison is based on the whole life products inforce during the years reported. Guaranteed Whole Life (ICC18-TL) is a whole life insurance policy offered by The Penn Mutual Life Insurance Company. 2882506TM_Jan22

The Penn Mutual Life Insurance Company Introduces New Product to Bolster Individuals' Financial Security

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HORSHAM, PA. – January 2, 2020 – The Penn Mutual Life Insurance Company has announced a name change for its Texas agency, Armor Wealth Management, to Penn Mutual Wealth Strategies. This change reflects the Addison-based company’s dedication to the 4,700 policyholders the agency insures and serves, and their desire to align with the strength and stability of a 172-year-old institution. The firm’s rebrand is also accompanied by a move to a new office space, located at 15851 Dallas Parkway, Suite 100 in Addison, Texas. Originally founded in 1972, the firm focuses on providing unmatched strategic planning, wealth management services and financial products through the expertise of its 31 advisers. The firm remains under the leadership of managing partner Nancy Dinh, who joined the organization in 2018. “The firm’s new name is a testament to growing strength of the Penn Mutual brand across the country,” says Julie Davis, vice president, agency development for Penn Mutual.&nbsp; “Under Nancy Dinh’s leadership, Penn Mutual Wealth Strategies will build on the firm’s legacy of serving the financial needs of the Dallas-Fort Worth-Arlington community, and being a home for advisers looking to grow their careers as part of a strong mutual company.” Dinh expressed that the name change and upgraded office space better represent the long-term growth objectives of the firm, and their commitment to creating a business culture that wholly aligns with the diverse philosophies shared by those in the community. “Since joining the team two years ago, our business has dramatically evolved and now includes a vast multi-cultural and multi-generational adviser base. The intentional diversity of background and thought allows us to ultimately better serve an ever-changing and diverse client base, both regionally and around the country,” explained Dinh. “Under the new brand and office direction, we will be better equipped to assist the community with superior financial planning and advanced technology, and will continue to deliver personal attention and relevant solutions tailored to each client.”  &nbsp;About The Penn Mutual Life Insurance Company Penn Mutual is committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its advisers with retirement and investment services through its wholly owned subsidiary Hornor, Townsend &amp; Kent, LLC, member&nbsp;FINRA/SIPC. Visit Penn Mutual at&nbsp;www.pennmutual.com. Karyn BaldwinGregory FCA(610) 228-2105Karyn@gregoryfca.com Jeff LeinenPenn Mutual(215)&nbsp;956-8530Leinen.Jeff@pennmutual.com  &nbsp; 2881745TM_Dec21

The Penn Mutual Life Insurance Company announces new name for Dallas-area agency

Peter Owh Promoted to Managing Partner of Centra Financial Group

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HORSHAM, Pa. – December 10, 2019 – The Penn Mutual Life Insurance Company (Penn Mutual) is excited to announce the promotion of Peter Owh to managing partner of its Rochester agency, Centra Financial Group. Formerly the managing director, Owh will lead the firm through a seamless transition, focusing on providing a high-touch experience for clients and advisers as well as leveraging relationships for growth and expansion in the years ahead. Centra’s forthright and thoughtful leadership transition to Owh was a two-year process, designed to create a consistent and uninterrupted change of hands while the business continues to build its legacy.&nbsp; A Retirement Income Certified Professional (RICP), Owh got his start in the financial services industry in 2000 and began his relationship with Penn Mutual through its Independence Financial Network (IFN). In 2012, Owh was recruited to Penn Mutual’s Long Island agency as a sales manager and was subsequently introduced to Centra Financial Group’s Jim Cerone, who was developing a succession plan for the business. Owh joined the firm as managing director in November 2017. In his new role, Owh is responsible for recruiting, training and developing advisers for the organization, helping them elevate their practices and position the firm for growth. “We’re excited about the internal succession at Centra to create continuity for the firm. Peter has become wholly ingrained with the firm and is ready to take it to the next level,” explains Tom Harris, executive vice president and chief distribution officer at Penn Mutual. “Centra has been an institution in upstate New York for decades and we’re happy that the clients, advisers and staff can continue to grow through this change.” “When I came across Penn Mutual early in my career, the product line was the best kept secret in the industry, and is what initially intrigued me about the company,” says Owh. “What felt unique was that everyone is moving in the same direction with mutually aligned goals from top to bottom, across the company and within the field agency system. I’m eager to step up and feel well positioned to successfully lead Centra in the right direction for growth ahead.” Originally from Toronto, Owh now lives in Webster, NY and serves as vice chair for the United Methodist Frontier Foundation. About The Penn Mutual Life Insurance CompanyPenn Mutual is committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its advisers with retirement and investment services through its wholly owned subsidiary Hornor, Townsend &amp; Kent, LLC, member FINRA/SIPC. Visit Penn Mutual at www.pennmutual.com. Contact Haley RosaGregory FCA(610) 228-2805Haley@gregoryfca.com Jeff LeinenPenn Mutual(215)&nbsp;956-8530Leinen.Jeff@pennmutual.com  2855882CC_Dec21

The Penn Mutual Life Insurance Company Promotes Peter Owh to Managing Partner of Centra Financial Group

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HORSHAM, Pa. – November 25, 2019 – The Penn Mutual Life Insurance Company (Penn Mutual) is pleased to announce that the company has maintained its dividend scale for 2020, and has been approved for a $100 million payout to eligible policyholders in 2020. Dividends are a key measure of a mutual company’s performance and Penn Mutual has paid dividends to eligible policyholders every year since 1847. This announcement extends the company’s long track record of delivering strong performance and value to policyholders.&nbsp; &nbsp; “It is a remarkable achievement to be able to maintain our dividend scale in a low interest rate environment,” says Eileen McDonnell, chairman and CEO of Penn Mutual. “Our dividend action over the last 20 years remains one of the strongest and most consistent in the insurance industry, and is foundational in our commitment to serving the best interests of our policyholders and advisers well into the future.” Visit the Penn Mutual website for more information about the company’s financial strength: https://www.pennmutual.com/about-us/financial-strength/ratings About The Penn Mutual Life Insurance CompanyPenn Mutual is committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its advisers with retirement and investment services through its wholly owned subsidiary Hornor, Townsend &amp; Kent, LLC, member FINRA/SIPC. Visit Penn Mutual at www.pennmutual.com. Contact Darby RoweGregory FCA(610) 228-2148Darby@gregoryfca.com Jeff LeinenPenn Mutual(215)&nbsp;956-8530Leinen.Jeff@pennmutual.com Dividends are determined annually, subject to change and are not guaranteed.&nbsp;Past performance is no guarantee of future results. 2837465CC_Nov21

The Penn Mutual Life Insurance Company Maintains Dividend Scale and Awards $100 Million Payout in 2020

Jim Garabedian New Managing Director of Lakeshore Wealth Strategies

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HORSHAM, Pa. – November 20, 2019 – The Penn Mutual Life Insurance Company (Penn Mutual) is pleased to announce Jim Garabedian as the new managing director of its Chicago agency, Lakeshore Wealth Strategies. In his new role, Garabedian focuses his attention on sales management, recruitment and retention. Garabedian has served in the financial services industry for over 27 years, with a decade of his tenure spent in banking and money management. Through previous roles, he developed a passion for helping closely held businesses with their overall financial planning. Garabedian joining the agency is the first major strategic move made by the new managing partner, Teresa Fitzgerald, who was appointed to her role on August 1. Together, Fitzgerald and Garabedian will oversee the Lakeshore Wealth Strategies’ growth objectives. “Jim’s customer-first attitude and experience make him the perfect fit for our Chicago agency,” explains Tom Harris, executive vice president and chief distribution officer at Penn Mutual. “Under this leadership team, Lakeshore stands in a prime position to elevate services and expansion efforts across the region.” “I am excited to join the Lakeshore team,” says Garabedian. “The values of the agency thoroughly align with mine and make for a great foundation for sales and adviser development.” A Massachusetts native, Garabedian has qualified for multiple national recognition programs during his career, including the Million Dollar Round Table. He and his family reside in Naperville, Ill., where he gives back to the community by volunteering at The American Cancer Society, Wounded Warriors Foundation, Lurie Children’s Hospital and a variety of mentorship programs in schools across the country. About The Penn Mutual Life Insurance CompanyPenn Mutual is committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its advisers with retirement and investment services through its wholly owned subsidiary Hornor, Townsend &amp; Kent, LLC, member FINRA/SIPC. Visit Penn Mutual at www.pennmutual.com. Contact Hannah Miller Gregory FCA(610) 228-2287Hannah@gregoryfca.com Lauren KanePenn Mutual(215) 956-8760kane.lauren@pennmutual.com 2813819CC_Nov21

The Penn Mutual Life Insurance Company Announces New Managing Director of Lakeshore Wealth Strategies

Penn Mutual CIO Greg Driscoll presented with a 2019 Philadelphia CIO of the Year ORBIE Award

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HORSHAM, Pa. – October 23, 2019 – The Penn Mutual Life Insurance Company (Penn Mutual) is excited to announce that Greg Driscoll, senior vice president, service operations and chief information officer, has been presented with a 2019 Philadelphia CIO of the Year ORBIE Award. The award highlights the best-of-the-best in Philadelphia technology leadership.&nbsp;&nbsp; The annual award showcases CIOs across all industries who have led their companies to innovative success, while inspiring transformation in their organizations through technology advancements.&nbsp;Driscoll was recognized within the Large Enterprise category during the PhillyCIO award ceremony held on October 18. Since joining the company in 2004, Driscoll’s passion for innovation and technology application with a hands-on approach has recast Penn Mutual’s customer experience and capabilities through enhanced digital engagement. Under his guidance, Penn Mutual has extended its leadership position in the life insurance industry by establishing a culture of innovative thought and continuous technology improvement. Most notable was Driscoll’s leadership of his team’s creation, development and execution of Penn Mutual’s industry-leading, end-to-end digital life insurance buying experience. The Accelerated Client Experience (ACE) streamlines the life insurance application processing and decision-making timeframe from an industry average of 30 days or more to as little as 24 hours. The platform rolled out in 2017 with significant success, including $72 million in first-year new premiums. Setting a new precedent within the insurance industry, ACE continues to drive substantial impact to company performance in sales, provides efficiency in adviser adoption, and has elevated the profile of Penn Mutual across the industry as a leader in innovation.&nbsp; “Greg’s vision and drive has put Penn Mutual in an enviable position to emerge from the shadows of an industry that has been typically slow to change and innovate,” says David O'Malley, president and COO at Penn Mutual. “His strategic decisions and approach to technology set the stage for us to transform the way we conduct business internally, while helping us revolutionize how our policyholders purchase life insurance.” Commenting on his award recognition, Driscoll explains, “Of all our achievements at Penn Mutual, I’m most proud of building a culture of continuous improvement aligned with our strategic direction. I applaud my team for their dedication to define a new standard of technology at Penn Mutual – one that orients our associates to take risks while continually enhancing products and services that we provide to our advisers and policyholders.”&nbsp; About The Penn Mutual Life Insurance CompanyPenn Mutual is committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its advisers with retirement and investment services through its wholly owned subsidiary Hornor, Townsend &amp; Kent, LLC, member FINRA/SIPC. Visit Penn Mutual at www.pennmutual.com. Contact Karyn&nbsp;BaldwinGregory FCA(610) 228-2107Karyn@gregoryfca.com Lauren KanePenn Mutual(215) 956-8760kane.lauren@pennmutual.com 2780985TM_Oct21

Greg Driscoll of The Penn Mutual Life Insurance Company Honored with 2019 Philadelphia CIO of the Year ORBIE Award

Executives from the Penn Mutual family of companies awarded Philadelphia CIO of the Year ORBIE Award

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Left to right: Greg Driscoll, SVP and CIO, Penn Mutual and Bob Thielmann, SVP and CIO, Janney Montgomery Scott. HORSHAM, Pa. – October 22, 2019&nbsp;–&nbsp;The Penn Mutual Life Insurance Company (Penn Mutual) is excited to announce that two executives from their family of companies were presented with 2019 Philadelphia CIO of the Year ORBIE Awards. Greg Driscoll, senior vice president, service operations and CIO at Penn Mutual, and Robert Thielmann, senior vice president and CIO at Janney Montgomery Scott (Janney), an independently operated affiliate of Penn Mutual, earned recognition within the ORBIE’s Large Enterprise category and Enterprise category, respectively. Announced at the PhillyCIO award ceremony on October 18, the recognition highlights the best-of-the-best in Philadelphia technology leadership. For Penn Mutual, the wins for both Driscoll and Thielmann underscore the innovative success and technology advancements within the company’s corporate family and reinforce the ability to attract top talent. “Greg and Bob’s recognition is a larger testament to the innovative strength of our family of companies and our unwavering commitment to providing best in class service to our advisors and their clients,” says Eileen McDonnell, chairman and CEO at Penn Mutual. Since joining the company in 2004, Driscoll’s passion for innovation, and technology application with a hands-on approach, has revolutionized Penn Mutual’s customer experience and capabilities through enhanced digital engagement. Most notably, Driscoll led his team in the creation, development and execution of Penn Mutual’s industry-leading, end-to-end digital life insurance buying experience. The Accelerated Client Experience (ACE) streamlines the life insurance application processing and decision-making timeframe from an industry average of 30 days or more to as little as 24 hours. The platform rolled out in 2017 with significant success, including $72 million in first-year new premiums. Setting a new precedent within the insurance industry, ACE continues to drive substantial impact on company sales performance, provides efficiency in adviser adoption, and has elevated Penn Mutual’s profile across the industry as a leader in innovation.&nbsp; Thielmann is a decorated leader in the technology world and a seasoned financial services executive. Since joining Janney in 2008, he has incorporated advanced IT capabilities and innovation to strengthen technology development, infrastructure, and security, allowing Janney’s financial advisors to more efficiently and effectively serve their clients.&nbsp; Most recently, Thielmann’s team successfully implemented two critical platforms: an award-winning financial advisor dashboard that increases productivity for Janney advisors to more effectively and efficiently manage individual client portfolios and a client’s overall financial plan, and a client site that improves a client’s direct access to information and reinforces the client-advisor relationship. During his tenure, Computerworld and InformationWeek selected Janney five times in the past six years as one of the “100 Best Places to Work in IT” or on their “Elite 100 Firm,” rankings. Additionally, WealthManagement.com has twice recognized Janney for outstanding achievement in technology for broker-dealers with less than 1,000 financial advisors. About The Penn Mutual Life Insurance CompanyPenn Mutual is committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its advisers with retirement and investment services through its wholly owned subsidiary Hornor, Townsend &amp; Kent, LLC, member FINRA/SIPC. Visit Penn Mutual at www.pennmutual.com. About Janney Montgomery Scott LLC&nbsp; Janney provides advice to individual, corporate, and institutional clients. Our expertise includes guidance about asset management, corporate and public finance, equity and fixed income investing, equity research, institutional equity and fixed income sales and trading, investment strategy, financial planning, mergers and acquisitions, public and private capital raising, portfolio management, retirement and income planning, and wealth management. Janney is an independently-operated subsidiary of The Penn Mutual Life Insurance Company and is a member of the Financial Industry Regulatory Authority, New York Stock Exchange, and Securities Investor Protection Corporation. Additional company information is available at&nbsp;www.janney.com. Contact Karyn BaldwinGregory FCA(610) 228-2107Karyn@gregoryfca.com Lauren KanePenn Mutual(215) 956-8760kane.lauren@pennmutual.com 2786771TM_Oct21

2019 ORBIE Awards Honor Two Executives from The Penn Mutual Life Insurance Family of Companies

Teresa M. Fitzgerald Managing Partner of Lakeshore Wealth Strategies

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HORSHAM, Pa. – October 15, 2019 – The Penn Mutual Life Insurance Company (Penn Mutual) is pleased to announce Teresa M. Fitzgerald as the new managing partner of Lakeshore Wealth Strategies, its Chicago agency. With a background in strategic market and business development, Fitzgerald is in prime position to lead the agency toward optimal growth. Fitzgerald joined the financial services industry in 2006, and during her tenure as an adviser and consultant, found a passion for serving clients at a mutual company. She specializes in financial adviser and team business coaching, talent management, leadership development and financial consulting. In her new role, she will work with advisers in career development, growth and market expansion. “Teresa is a welcome addition to the Lakeshore and Penn Mutual team,” says Tom Harris, executive vice president and chief distribution officer at Penn Mutual. “Her experience working within a mutual company aligns with our philosophy of putting our clients and policyholders first. Teresa’s ability to network with those around her will serve well as she oversees the agency’s growth in the greater Chicago area.” “I’m excited to support Lakeshore’s growth and for the opportunity to work with a company that truly cares about its policyholders,” says Fitzgerald. “Connecting with others is one of my passions and I’m committed to working with our advisers as they strive to build a career of sustainability and excellence.” Fitzgerald and her family currently reside in New Lenox, Ill. In her spare time, she gives back to other women in business as a mentor with the Chicago-based PINNK organization. In 2019, Fitzgerald was nominated to the 2019 North Shore Women in Business Awards in Chicago and most recently, she was nominated to the Penn Mutual 20/20/20 Women in Leadership program. About The Penn Mutual Life Insurance CompanyPenn Mutual is committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its advisers with retirement and investment services through its wholly owned subsidiary Hornor, Townsend &amp; Kent, LLC, member FINRA/SIPC. Visit Penn Mutual at www.pennmutual.com. The requirements of the 2019 North Shore Women in Business Award do not evaluate the quality of services provided and is not indicative of the award nominee’s future performance. Contact&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Haley RosaGregory FCA(610) 228-2805haley@gregoryfca.com Lauren KanePenn Mutual(215) 956-8760kane.lauren@pennmutual.com 2757959TM_Oct21

The Penn Mutual Life Insurance Company Announces New Managing Partner of Lakeshore Wealth Strategies

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HORSHAM, Pa. – September 23, 2019 – Hornor, Townsend &amp; Kent, LLC (HTK), one of the top broker-dealers and a Registered Investment Adviser (RIA) supporting independent financial advisers across the U.S., hosted a new national conference, HTK Discover19, in Philadelphia, for three days of learning, networking and inspiration. Nearly 250 attendees — with the vast majority including financial advisers who are affiliated with HTK, as well as HTK product sponsors and technology partners, and HTK home office associates — convened at The Bellevue Hotel from Monday-Wednesday, September 16-18, 2019. Dr. Jeremy Siegel, the renowned Russell E. Palmer Professor of Finance at The Wharton School of the University of Pennsylvania, who is a frequently called-upon expert on the economy, served as the event’s keynote speaker and shared his insights on financial markets during his presentation on Tuesday afternoon. Other highlights of the conference included:  An update from Tim Donahue, HTK’s president and CEO, that included a review of recent enhancements made to the HTK RIA program and the announcement of the firm’s offering of AdvicePay, a payment solution for fee-based financial planning services;&nbsp; &nbsp; An executive update from Penn Mutual with Chairman and CEO, Eileen McDonnell; President and Chief Operating Officer, David O’Malley; and Executive Vice President and Chief Distribution Officer, Thomas Harris, CLU®, ChFC®, FLMI; A mainstage presentation from Daniel Egan, managing director of behavioral finance and investing at Betterment, and an interview with Dale Brown, CAE, president and CEO of the Financial Services Institute; More than a dozen breakout sessions covering topics on practice management, business continuity, behavioral finance, the HTK Advisory Series powered by Envestnet, investment solutions, investor profiles, high net-worth clientele and more; A Practice Management Pavilion and networking hour with more than 20 product solutions and technology vendors, and one-on-one trainings with the HTK home office.  “At HTK, we pride ourselves on being a high-touch organization, and our business is built on strong relationships,” says Donahue. “In today’s fast-paced, digital world, there is no substitute for the value of in-person connection. As HTK celebrates our 50th anniversary this year, it was the perfect time to bring our advisers together to celebrate all that we have accomplished together, and to provide the tools and knowledge to help drive our advisers’ success in the years to come.” HTK thanks its sponsors of HTK Discover19: Hootsuite, Docupace, Forefront Analytics, Goldman Sachs Asset Management, Manning &amp; Napier and Symmetry Partners. About HTKHTK is a broker-dealer and Registered Investment Adviser supporting independent financial advisers across the U.S. For more than 50 years, HTK has been the trusted partner supporting advisers on their path to success. HTK is committed to offering advisers the independence to build their practice their way through the delivery of a flexible platform, leading solutions and personalized service. Hornor, Townsend &amp; Kent, LLC (HTK) is a wholly-owned subsidiary of The Penn Mutual Life Insurance Company. Member FINRA/SIPC. Visit www.htk.com.&nbsp;Contact&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Stephanie KensyHTK(215) 956-8337skensy@htk.com &nbsp; 2737389TM_Sept21

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